Costing

✅ The correct answer is C.
The following statements that are correct are: A materials requisition note is used to record the issue of direct material to a specific job and The job costing method can be applied in costing batches.

✅ The correct answer is C.
Segment of subunit of company, whose manager is responsible for specific set of instructions and activities perform is classified as responsibility center. A responsibility center is a functional entity within a business that has its own goals and objectives, dedicated staff, policies and procedures, and financial reports.

✅ The correct answer is D.
Costs are classified as fixed or variable on basis of specific activity and given time period.

✅ The correct answer is D.
In an activity based costing implementation, product’s diverse demand is based on batch size, complexity and process steps.

✅ The correct answer is A.
First step in constant gross margin percentage NRV method is to allocate joint to compute Gross margin percentage. Gross margin is the difference between revenue and cost of goods sold divided by revenue. Gross margin is expressed as a percentage.

✅ The correct answer is B.
Constant variance is classified in assumptions testing as homoscedasticity. The assumption of homoscedasticity (meaning “same variance”) is central to linear regression models.

✅ The correct answer is C.
An assumption of specification analysis, which states all values of residuals which are uniformly scattered around regression line is classified as normality of residuals. Residuals are the differences between the observed and predicted.

✅ The correct answer is B.
Absorption means charging of overheads to cost units. It means costs is absorbed by the production (or product units )during the period or charging each unit of a product with an equitable share of overhead expenses.

✅ The correct answer is D.
Aspects of accounting for scrap includes physical tracking and inventory costing.

✅ The correct answer is D.
An approach which yields benefits of normal costing and actual manufacturing overhead is classified as adjusted allocation rate approach. The adjusted allocation-rate approach restates or corrects estimated overhead costs booked throughout the year, so that the actual overhead costs are recorded properly.